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Metgasco Ltd ( (AU:MEL) ) has provided an update.
Metgasco Ltd announced the results of its partially underwritten entitlement offer, raising approximately $750,000 through the issuance of new shares. This capital will support the company’s Production Uplift Program aimed at increasing production in the Odin and Vali wells, enhancing Metgasco’s operational capabilities and market positioning. The involvement of PAC Partners as partial underwriter and shareholder support were crucial to the success of this funding initiative.
More about Metgasco Ltd
Metgasco Limited (ASX:MEL) is an onshore Australia-focused oil and gas exploration and production company. It holds a 25% non-operated interest in licences within the Odin and Vali gas fields in the Cooper Eromanga Basin. The company has transitioned from exploration to production, generating revenue through long-term gas contracts and is focused on increasing production and exploring additional opportunities in the East Coast Gas market.
Current Market Cap: A$3.66M
For a thorough assessment of MEL stock, go to TipRanks’ Stock Analysis page.